Lahore: The Bahria Town Lahore administration has invited individuals who wish to buy plots or start the construction of a house, workplace or a plaza in the society to avail the government’s construction relief package — with desk counters for FBR registrations also having been established in all society offices within the city, according to news sources.
This package is a result of the government’s recent decision to amend Section 111 of the Income Tax Ordinance, 2002, in which certain conditions have been set for initiating construction on a project. These include:
- The plot for the construction is bought on or before December 31, 2020.
- The price of the plot is paid on or before December 31, 2020, through the banks.
- The construction work on the plot is launched on or before December 31, 2020.
- The construction work is completed before September 30, 2022.
- The buyer is registered on the Federal Board of Revenue (FBR)’s Active Taxpayers List (ATL) — the Internal Revenue’s Web Portal can be used for this registration.
The Bahria Town administration has invited investors and buyers to build their homes, offices and commercial plazas in Bahria Town Lahore after fulfilling the conditions mentioned above. For this purpose, the admin has also established desk counters for FBR registration of its members in all its offices. The society has urged its members to repay their dues and get possession of their plots to gain full advantage of this amnesty scheme.
The administration also took the opportunity to laud the government’s decision to give the construction sector an ‘industry’ status, and the amnesty scheme introduced through the amended income tax ordinance.